Reasons to Hire PracticeCFO Transitions even if you have an Interested Buyer
We have underwritten hundreds of practices and can help accurately estimate a practice’s true market value. Having a 3rd party valuation expert involved helps both buyer and seller feel comfortable with the price and come to an agreement quickly. In addition, our practice valuation expertise makes it easier for banks to underwrite the practice and stretch to achieve the highest possible loan amount (loan amount being synonymous with purchase price).
The price is just the beginning. When transitioning a practice, several other deal points surface which have to be negotiated such as: accounts receivable, lease assignment, redo’s and price allocation. Each of these has the potential to stall or even unravel a transition. Our proven transition process anticipates potential transaction risks and empowers us to align with the attorneys to mitigate these risks for a successful and timely transition.
PracticeCFO is a full-service accountancy, tax preparation, financial planning, investment and transition brokerage company. Beyond transitioning from your practice, our experts can help you prepare for your next adventure through tax and financial planning. If you’re still in the workforce, are you ready to take the next step and buy a much bigger practice? If you’re easing into retirement, will your resources last and how will you protect them? These are common questions and projects we work on daily for nearly 300 clients.
If you’ve got a buyer, then we have a deal! For practice owners who have already found a buyer, we will exclude that buyer from our normal fee structure and reduce our fees, generally by 25%. We just ask that the buyer buy the practice within a specified time period—90 days for example. You get all of the benefits of our team at a reduced rate.
We believe in the motto: Hope for the best but plan for the worst. What happens if the buyer you have found has a change of heart, finds a different practice to buy or is unable to qualify for a loan? By having PracticeCFO Transitions involved early in the process, we can be ready to fully market your practice for sale and find a qualified buyer who can perform. Our marketing process is nimble enough to target local buyers or buyers on a national level, whichever gives your practice the most exposure to the largest buyer pool. This marketing ability is especially critical for specialty practices such as prosthodontic and periodontic practices which need far-reaching and targeted exposure.